Skip to content
AltsWire
Click Here to Subscribe to Our Free Daily News Updates

LRT Company to Break Ground on $252M Mixed-Use Development in South Carolina

By Mari Nicholson

LRT Company to Break Ground on $252M Mixed-Use Development in South Carolina

LRT Company, a Charlotte-based sponsor of alternative real estate investments and 1031 exchange offerings, announced plans to break ground on an 83-acre mixed-use community project in Hardeeville, S.C., in December. The site, located off Medical Center Drive and adjacent to Coastal Carolina Hospital, is set to become a vibrant hub of residential and commercial activity.

The approved master plan includes:

  • 600 units of multifamily housing with a clubhouse and business center;
  • A 154-unit senior housing campus;
  • A 75,000-square-foot self-storage facility with 15,000 square feet of flex and retail space; and
  • A 20-acre parcel reserved for potential age-restricted senior residences.

The site is supported by an all-cash Delaware statutory trust, LRT Hardeeville Senior Living DST, which closed in July after successfully raising $17 million, as well as LRT Island Gateway 5 DST, a nearly $5 million DST that became fully subscribed in October 2024. The DSTs are connected to the senior housing campus and self-storage facility, respectively.

Construction on this $252 million dollar project is expected to commence before the end of this year for the multifamily housing, self-storage facility, and senior housing campus that includes 75 independent living units and 75 units of assisted living and memory care residences.

“Hats off to the city’s past and present leadership for creating and executing a smart, sustainable growth plan,” said Lawrence LaBonte, president and chief executive officer of LRT Company. “Their vision has helped make Hardeeville one of the most dynamic markets in South Carolina. This announcement adds to the wave of good news following several recent projects in the immediate area, and we see it as a case of ‘all boats rising.’ Current and future demand is more than capable of supporting what’s in the pipeline, particularly multifamily housing.”

LaBonte continued, “By adding affordable, market-rate apartments, we see an opportunity not only to serve the employment base in Bluffton and Hilton Head, but also to meet the needs of Hardeeville’s expanding workforce.”

LRT Company is a ground-up development company specializing in the entitlement and development of multifamily and senior housing projects in the Southeast and Mid-Atlantic. The company is also a sponsor of Delaware statutory trust investment opportunities.

Click here to visit the AltsWire directory page.

AltsWire